, Volume 35, Issue 3, pp 334-338
Date: 19 Mar 2010

Commentary on Gregory Tassey’s “Rationales and mechanisms for revitalizing US manufacturing R&D strategies”

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Greg Tassey’s “Rationales and mechanisms for revitalizing US manufacturing R&D strategies” is a scholarly, well researched, and well argued article documenting how the United States is losing global market share in advanced manufacturing and what the US should do about it. But he also astutely analyzes the predominant neoclassical model and how holders of it fundamentally not only misread the problem, but more importantly, prescribe the wrong solution. As David Audretsch and I have argued, the neoclassical economics doctrine is a fundamentally flawed guide to making economic policy in a global, innovation-driven economy.

Robert Atkinson and David Audretsch, “Why Washington Can’t Agree on Economic Policy: Economic Doctrines and Economic Policy,” Washington, DC: The Information Technology and Innovation Foundation, 2008.

Tassey starts by documenting the extent of the problem of declining US high-tech manufacturing leadership. He documents the hollowing out of many advanced production suppl ...